When One Showing = Three
The evidence is mixed about whether a quick jury verdict is good or bad for the defendant.
But in residential real estate, there’s no such ambiguity: a quick showing is invariably bad for the owner, while a long one is very, very good.
In fact, the longer the better.
I was surprised recently when a client received an offer on their home from someone who’d only been through once (two or even three times is more common).
Then, I found out that the showing lasted well over an hour (typical is 15-20 minutes, depending on the size home).
In essence, the Buyer did Showing #2 and #3 at the same time.
Shortest Showing on Record
At the other extreme, I give my Buyer clients permission to end a showing as soon as they know the home isn’t a good fit for them.
That can be as soon as a few feet inside the front door — or, in some cases, from the street.
That can happen when the curb appeal in person bears no resemblance to the online photos; a neighboring home or the block “has issues” (as they say); or my client simply has a lukewarm if not negative vibe (see below).
While that’s certainly disappointing for the Seller — especially one who had to do a lot of prep for the showing — lingering in a home that doesn’t work for the Buyer doesn’t really serve anyone’s interests.
Handicapping the Odds; “Like at 1st Sight”
In my experience, something like 10% of first showings lead to an offer.
When the Buyer doubles back, the odds of an offer go up to around 1-in-3.
However, once the number of showings exceeds three, unless the home is a major remodel candidate and the Buyer is getting contractor input, the odds begin to decrease.
That’s because such a Buyer is typically: a) indecisive; b) overly ambivalent about the home; or c) both.
As I tell my Buyer clients, you don’t necessarily have to feel love at first sight . . . but there should at least be “strong like.”
And that feeling should strengthen as you get to know the home better.
See also, “Gauging Buyers’ Interest in a House.“
